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joining us, dick durbin, assistant majority leader, the senator from illinois. senator, thanks very much for coming in. we just heard from grover norquist, several republicans on capitol hill this week have said they would consider defying his pledge but for some of them, raising revenue just means getting rid of loopholes or capping some deductions, not raising tax rates or letting tax cuts expire. is that good enough? >> well, i can tell you the president has set a goal, $1.6 trillion in revenue or taxes over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make s
joining us, dick durbin, assistant majority leader, the senator from illinois. senator, thanks very much for coming in. we just heard from grover norquist, several republicans on capitol hill this week have said they would consider defying his pledge but for some of them, raising revenue just means getting rid of loopholes or capping some deductions, not raising tax rates or letting tax cuts expire. is that good enough? >> well, i can tell you the president has set a goal, $1.6 trillion...
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. >>> tomorrow, tim pawlenty, illinois senator dick durbin and singer dionne warwick. >> great show. meanwhile, cnn "newsroom" with carol costello begins right now. >>> tear gas in cairo near the u.s. embassy as the fight for democracy goes on. >> face to face. susan rice and john mccain, the man who wanted watergate style hearings, meet. and only cnn catches up with mccain before the big meeting. >> what do you have to learn today from miss rice? >> whatever ambassador rice wants to tell me. she's the one who asked for the meeting. i didn't. >> wouldn't you like to be a fly on the wall? >>> spyfall, real-life bond movie. yasser arafat's body was exhumed. was the palestinian leader po h poisoned by israeli spies? >>> plus this. >> you said walden is in trouble. >> i'm the trouble walden has been in, repeatedly. >> he calls it filth, the half in "two and a half men" begs you not to watch his show. "newsroom" starts now. >>> good morning to you. thank you so much for being with us. i'm carol costello. we begin with a high stakes meeting just minutes from now. this hour, the u.s. ambass
. >>> tomorrow, tim pawlenty, illinois senator dick durbin and singer dionne warwick. >> great show. meanwhile, cnn "newsroom" with carol costello begins right now. >>> tear gas in cairo near the u.s. embassy as the fight for democracy goes on. >> face to face. susan rice and john mccain, the man who wanted watergate style hearings, meet. and only cnn catches up with mccain before the big meeting. >> what do you have to learn today from miss rice?...
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i would agree with senator durbin absolutely. i'll give you a reform in medicare i think democrats would support. and that is looking at prescription drugs. and making it more competitive. >> bill: amen. >> or really crackening down on the fraud that takes place through the medical devices which is not with individuals cheating medicare. they're fictitious businesses set up that rob medicare of billions of dollars every year. so it's not as though changes to entitlement programs are completely off the table. it is the structural breaking of the guarantee that should be off the table. >> bill: isn't it interesting when president obama did identify $716 billion in fraudulent billing on the part of insurance companies and cut that out that they accused him of cutting benefits in medicare. >> well because what benefits were they concerned about. the benefits to big businesses. >> bill: exactly. congresswoman karen bass in studio with us. we'll welcome your calls and comments at 1-866-55-press. the "full court press" continues in just
i would agree with senator durbin absolutely. i'll give you a reform in medicare i think democrats would support. and that is looking at prescription drugs. and making it more competitive. >> bill: amen. >> or really crackening down on the fraud that takes place through the medical devices which is not with individuals cheating medicare. they're fictitious businesses set up that rob medicare of billions of dollars every year. so it's not as though changes to entitlement programs are...
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illinois democratic senator dick durbin spoke today at the liberal center for american progress where he said this about the possibility of going off the cliff which fears of this show know is is really more of a curb than a cliff. >> some have called let's go over the cliff and watch what happens. we know if we're not careful, it will in fact stop economic growth and hurt everyone through every income category, particularly those most vulnerable. >> what he did not say is he must not go off the cliff. because the cliff is president obama's and the congressional democrats leverage over republicans. if we do go off the cliff or the curb on january 1st, a republican nightmare will occur. all income tax rates will go up and defense spending will be cut by 600 billion. other spending, some of it dear to republicans, will also be cut by another 600 billion. the fiscal cliff is much scarier to republicans than it is to democrats. so, the president and his allies must continue to make republicans believe they are willing to go off cliff. senator durbin simply said if we do go off the cliff o
illinois democratic senator dick durbin spoke today at the liberal center for american progress where he said this about the possibility of going off the cliff which fears of this show know is is really more of a curb than a cliff. >> some have called let's go over the cliff and watch what happens. we know if we're not careful, it will in fact stop economic growth and hurt everyone through every income category, particularly those most vulnerable. >> what he did not say is he must...
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megyn: keurs te megyn: durbin chose two good people to make that example of. people don't love and reveer the hedge fund manager, they make other people a lot of money and they make a lot of money but most people have respect for our navy seals. is he on point? >> i do think he's on point. what monica just said, radical redistribution, we are talking about the radical redistribution is going back to the clinton era tax rates. i mean that just doesn't strike me as radical redistribution. you can argue about whether or not you think those tax rates should go up because of how it may affect the recovery, but to suggest that it's somehow stealing from the rich to give to the poor, we are talking about 3 or 4% average points in the tax code. i think this is really over blown. and i'd also say when jfk was president we didn't have the kind of income inequality that we have today. it is so much greater and getting so much greater every year that i think if he was alive today that he would be exactly where most democrats are on this issue with what senator durbin said
megyn: keurs te megyn: durbin chose two good people to make that example of. people don't love and reveer the hedge fund manager, they make other people a lot of money and they make a lot of money but most people have respect for our navy seals. is he on point? >> i do think he's on point. what monica just said, radical redistribution, we are talking about the radical redistribution is going back to the clinton era tax rates. i mean that just doesn't strike me as radical redistribution....
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senator dick durbin joins us this morning. always great to talk to you. appreciate your time. >> thanks, soledad. >> now with this latest development, how hopeful are you that, in fact, a deal is going to get done? and what would that deal look like? >> well, we should reach an agreement. the point i made was, when it comes to medicare, we know that it's going to run out of money in twelve years. whatever changes we want to make should be thoughtful changes. not made in the heat of the fiscal cliff. not done in the closing days here, of a lame duck session. let's look at this thoughtfully and make sure at the end of the day medicare is going to survive and be stronger. but i think there is plenty of ground here for us to come together as democrats and republicans, the congress and the president, and avoid the worst parts of the fiscal cliff. >> okay, so what entitlements then? what would you put on the table? right now it's been the narrative is kind of republicans will put taxes on the table, democrats will put entitlements on the table. and i talked to
senator dick durbin joins us this morning. always great to talk to you. appreciate your time. >> thanks, soledad. >> now with this latest development, how hopeful are you that, in fact, a deal is going to get done? and what would that deal look like? >> well, we should reach an agreement. the point i made was, when it comes to medicare, we know that it's going to run out of money in twelve years. whatever changes we want to make should be thoughtful changes. not made in the...
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middle but he kind of straights from the left and what i fully anticipate is there's a reason why dick durbin, who was his senate partner from oil know, is saying which they went to 100% tax rate on million favors and people making above 250,000, it still isn't going to close the gap that exists. lfr maybe the the pie larger. >> let's be very clear, though, the president has already signed into law more cuts than were in the simpson-bowles proposal, he's proposed additional cuts in the 2013 budget he's proposed. to say he hasn't put cuts on the table is completely disingeneralsous. >> karen is making president obama out to be a tight fisted spending cutter. you followed the fiscal beat? >> do you regard president obama as a tight-fisted spending cutter? >> it's somewhere in between. he did sign a cap that would save a trillion dollars over the next would you mean of years. but thens other side of it is that we need about $4.9 trillion of savings over the next year to stabilize grashio, or cutting spending to medicare crieders. you actually do need to take on and storm reforming or we're going
middle but he kind of straights from the left and what i fully anticipate is there's a reason why dick durbin, who was his senate partner from oil know, is saying which they went to 100% tax rate on million favors and people making above 250,000, it still isn't going to close the gap that exists. lfr maybe the the pie larger. >> let's be very clear, though, the president has already signed into law more cuts than were in the simpson-bowles proposal, he's proposed additional cuts in the...
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dick durbin, democratic senator from illinois. he is very close to the president. he is introduced him at every major political event since he came into public office from illinois. he will have a press conference today. he is going to make a speech that says medicare and medicaid should be looked at but not part of the fiscal cliff negotiations. so if that is the case you change that at all right now? >> let me say this. i know that we have people out posturing and again we have all kind of folks that just want to sweep this under the rug and let the problem get even bigger. the fact is the two most important people are the president and speaker boehner. both of them in the beginning of this have shown a degree of flexibility. what we need to do, people like myself offer concrete solutions to solve this problem. when they get in their meeting they need to have these at their disposal and we as a country again need to go ahead and deal with this issue now. i know that senator durbin actually has shown some strength for what it's worth, i don't know what he will do
dick durbin, democratic senator from illinois. he is very close to the president. he is introduced him at every major political event since he came into public office from illinois. he will have a press conference today. he is going to make a speech that says medicare and medicaid should be looked at but not part of the fiscal cliff negotiations. so if that is the case you change that at all right now? >> let me say this. i know that we have people out posturing and again we have all kind...
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senator durbin said other day, may i remind my republican friends they were piling up trillions of dollars in debt, making no mention of the fact that the president has done the same. conversely republicans getting high and mighty at the president for reckless spending when they were pretty good at it. i think it is fair to say we're in the pickle we're in abuse both parties contributed to it. pass star, -- pastor, they don't get past that. i don't think a deal is constructed because they play these ridiculous games. >> one of the key things you do in a deadlock you have to get small wins. small wins starts the momentum going. you start moving forward. you will not get the big win on first day. neil: give me an example of a small win? >> i don't know. i would say find something you can agree on. look at that this all americans essentially want the same thing. what we disagree on the methodology and how to get there. everybody wants their family to grow up safe. everybody wants their kids to be healthy. everybody wants to prosper, have a job. everybody wants to be free. everybody wants our
senator durbin said other day, may i remind my republican friends they were piling up trillions of dollars in debt, making no mention of the fact that the president has done the same. conversely republicans getting high and mighty at the president for reckless spending when they were pretty good at it. i think it is fair to say we're in the pickle we're in abuse both parties contributed to it. pass star, -- pastor, they don't get past that. i don't think a deal is constructed because they play...
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where is the conversation about cutting, dir dick durbin, harry reid? >> the president sold a lie. the lie is you can have these goodies and it will be paid for if you tax the rich for more. that's economic nonsense. i want to give you one number. the unfunded liability of medicare, one entitlement program, is $42 trillion. that's money that we've got to shell out in the future, which we do not have. are you going to tell me we could tax the rich? >> i am not telling you, but this is what i'm saying, that the tax reform and entitlement reform should and could be a bigger part of this conversation, however to focus on the republicans now at this point i think is chasing a rabbit down a hole. it is not the republicans' responsibility to come up with a plan. president obama won fair and square. he's the won who needs to persuade america that the policy is right. >> sean: we have the exact same situation as we had before. all this money was spent, all the arguing over -- >> the house passed all sorts of bill to improve the economy in the last congress. you don't get anywhere with -- >>
where is the conversation about cutting, dir dick durbin, harry reid? >> the president sold a lie. the lie is you can have these goodies and it will be paid for if you tax the rich for more. that's economic nonsense. i want to give you one number. the unfunded liability of medicare, one entitlement program, is $42 trillion. that's money that we've got to shell out in the future, which we do not have. are you going to tell me we could tax the rich? >> i am not telling you, but this...
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you were just talking to senator durbin. what would be really good is if this sort of bland smoke, frankly, senator durbin's a friend of mine. but this bland smoke we're hearing on entitlements from democrats and taxes from republicans, if -- behind closed doors they're able to talk more specifically. i think this is what represents, actually, some kind of progress and i'm starting to feel a bit more hopeful than i was a few weeks ago that maybe we're going to start to get somewhere. >> yeah. maybe. i don't know. >> do we still have senator durbin with us? >> yes, i'm still here. >> i don't think he's run away. >> senator durbin, can you talk about putting medicaid to the side, social security to the side, focusing on medicare. put a dollar figure out. how much savings do you think is a reasonable number that democrats could tolerate? we know that the school of thought on taxes is somewhere between 800 and 1.6. we know that spending cuts will probably be $1.2 trillion or north of that. what number could you live with in spec
you were just talking to senator durbin. what would be really good is if this sort of bland smoke, frankly, senator durbin's a friend of mine. but this bland smoke we're hearing on entitlements from democrats and taxes from republicans, if -- behind closed doors they're able to talk more specifically. i think this is what represents, actually, some kind of progress and i'm starting to feel a bit more hopeful than i was a few weeks ago that maybe we're going to start to get somewhere. >>...
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senator dick durbin was on abc and suggested that. the minute you push for specifics, raising the retirement age on medicare, he starts to flounder. i don't know we're moving towards any kind of deal yet. on politics, simplicity sells. a tax pledge is very simple. it communicates with your voters directly. here's the deal. republicans want low taxes for two reasons. they believe it's better for economic growth. we lost the election. we're going to lose that battle. also because they believe it will force spending restraints. i'm not sure that's true. voters need to feel the consequences of your decisions. if you choose higher spending you might just have to pay for it with higher taxes. sooner or later that burden might have to be the spending restraints. >> i think voters are already feeling the consequences, though, aren't they, jason? >> yeah. voters are already feeling the consequences. i also think the voters said something in 2012. look, we are tired of rigidity in washington. tired of people holding on to 20 year pledges. like
senator dick durbin was on abc and suggested that. the minute you push for specifics, raising the retirement age on medicare, he starts to flounder. i don't know we're moving towards any kind of deal yet. on politics, simplicity sells. a tax pledge is very simple. it communicates with your voters directly. here's the deal. republicans want low taxes for two reasons. they believe it's better for economic growth. we lost the election. we're going to lose that battle. also because they believe it...
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same thing yesterday with dick durbin who came on the show because eric said, okay, we'll do deals on taxes, but you brought up capital gains tax, no. carried interest, no. raising the actual marginal rates, no, we don't want to do that yet when he left we got calls from democrats saying does he really want to make a deal? >> i got two yesterday that -- >> i got e-mails from democrats going wow, he sounds like he wants to make a deal. one senator said did he really mean what he said? considering that he said nothing, yeah, i guess so but it was the tone then yesterday dick durbin came on and we had to basically stop asking about medicare about three or four minutes in because it was nonsensical talking about creating new programs. but this is a guy that also supporting simpson bowles and let us know like eric, we'll make a deal and figure it out. >> both sides at various times tells you something about recent history. you think about where republicans were a year and a half ago, where their attitude was, no, we will not discuss revenues, not one penny, ever, ever, ever so for cantor t
same thing yesterday with dick durbin who came on the show because eric said, okay, we'll do deals on taxes, but you brought up capital gains tax, no. carried interest, no. raising the actual marginal rates, no, we don't want to do that yet when he left we got calls from democrats saying does he really want to make a deal? >> i got two yesterday that -- >> i got e-mails from democrats going wow, he sounds like he wants to make a deal. one senator said did he really mean what he...
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dick durbin said look at the disparity between what a navy seal earns and a hedge fund person earns. it's not fair, moral or right. is that the society we live in in which income, equality is required for us to believe we are living morally? >> that is the issue of fairness, isn't it? surely what we want is growth, growth is fair to everybody. growth reduces the deficit, growth reduces the unemployment rate, growth gets people back into houses of their own. without growth you're nothing. enough with this income inequality, the shift to the left, you've really got to liberate private enterprise if you want to have real fairness. megyn: here we thought chris after november 6th we won't be talking about campaign ads, billboard buys or bus advertisements and we were wrong. >> we were wrong too bad. megyn: all right guys, see you soon. we are also watching a tense situation developing today in egypt. what we're told is a volatile of mix of protestors gathered to denounce a recent power grab by their democratic leader. earlier we saw violent clashes as president mohammed morsi said the far
dick durbin said look at the disparity between what a navy seal earns and a hedge fund person earns. it's not fair, moral or right. is that the society we live in in which income, equality is required for us to believe we are living morally? >> that is the issue of fairness, isn't it? surely what we want is growth, growth is fair to everybody. growth reduces the deficit, growth reduces the unemployment rate, growth gets people back into houses of their own. without growth you're nothing....
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. >> but durbin, where did he come from? >> that's what i mean. >> i'm trying to figure out -- trying to see his personal situation. where did he find religion all of a sudden? he's an obama ally and suddenly he's talking -- are you looking at all these things very specifically? looking at the fix and option action. you can tell from the market. >> the most aggravating thing is that we're sitting here talking about the government and what the market is going to do as a function of what the government does. if you look at the volatility markets, i think it's incredibly interesting. the market is being very rational. the vix is really a function of liquidity. liquidity in the system is incredibly stable. the markets are -- that will significantly drive higher levels, if you look at ted spreads and where bank funding is. that's the real significant spikes index, so you need to be careful to hedge your portfolios right now. but right now, the markets, the s&p markets are really pricing in a very range bound market through januar
. >> but durbin, where did he come from? >> that's what i mean. >> i'm trying to figure out -- trying to see his personal situation. where did he find religion all of a sudden? he's an obama ally and suddenly he's talking -- are you looking at all these things very specifically? looking at the fix and option action. you can tell from the market. >> the most aggravating thing is that we're sitting here talking about the government and what the market is going to do as a...
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as dick durbin pointed out recently when lyndon johnson was majority leader of the senate democratic majority leader of the senate. for six years, there was one filibuster. one filibuster. the last six years under republican leadership, there have been 380 filibusters in the senate. they filibuster everything including -- one of the most outrageous examples, republicans in the senate filibustered the james -- september 11th health and compensation act which would have provided healthcare for the heroes the first responders of september 11th. republicans filibustered that and prevented it from coming to a vote in the senate. so it doesn't matter good or bad if the democrat was for it, republicans filibustered it. and they did so by -- it was sort of like a -- a virtual filibuster. it is no longer the day when they bring in the cots and they make them actually speak. they just threaten to filibuster and that's all they have to do and it is just as effective and -- effectively blocks a measure at all. from again even being considered for a vote. so for a long time and we've talked about
as dick durbin pointed out recently when lyndon johnson was majority leader of the senate democratic majority leader of the senate. for six years, there was one filibuster. one filibuster. the last six years under republican leadership, there have been 380 filibusters in the senate. they filibuster everything including -- one of the most outrageous examples, republicans in the senate filibustered the james -- september 11th health and compensation act which would have provided healthcare for...
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you have senator durbin talking about hang-ups in the united states. you have the vote over in barcelona. there's a lot of self-inflicted political wounds the market is trying to price in. volatility will be a function of this political instability for at least a handful of weeks going into the first quarter of 2013. >> what was last week about? 400 points. great day on friday albeit shortened session, light volume. was that real? was it fake? what was your impression? >> a mismatch between fundame fundamenta fundamentals. you saw economic news out of the united states. corporate news wasn't bad. you saw news out of china which was improving. global growth story is okay. it's far from great. it's okay. you have europe in recession. germany continues to chug along at an okay level. on a mixed data environment when you get excesses of pricing, you get bouncebacks as well. >> given uncertainty over tax, would you be as inclined to be aggressive in what is a good month or preserve gains for the year? >> it depends on what they are trying to accomplish. dep
you have senator durbin talking about hang-ups in the united states. you have the vote over in barcelona. there's a lot of self-inflicted political wounds the market is trying to price in. volatility will be a function of this political instability for at least a handful of weeks going into the first quarter of 2013. >> what was last week about? 400 points. great day on friday albeit shortened session, light volume. was that real? was it fake? what was your impression? >> a mismatch...